Impact of regulatory changes

It should be noted that, starting from 1 January 2014, the Group adopted the following new accounting standards:

IFRS 10 Consolidated Financial Statements

IFRS 12 Disclosure of Interests in Other Entities

The adoption of the above new accounting standards did not have a significant impact on the Banca IFIS Group's financial statements.

The new set of harmonised regulations for banks and investment firms included in EU Regulation no. 575/2013 and in Directive 2013/36/EU (CRD IV) is applicable as from 1 January 2014. In order to assess consolidated regulatory capital and capital absorption, this regulatory framework requires for the inclusion of the Group Holding in the consolidation scope and regulates the recognition of non-controlling interests under consolidated equity.